Oil Retreats From Four-Month High After OPEC+ Confirms Taper

(Bloomberg) — Oil retreated from a four-month high after the OPEC+ alliance confirmed it would start tapering output cuts from next month.Futures in New York dropped below $41 a barrel after jumping 2.3% on Wednesday. Saudi Arabia and Russia said the producer bloc would proceed with its plan to add more supply next month and were confident that it wouldn’t hurt oil’s rally. The tapering will be partially offset by reduced production from some countries that didn’t meet their targets in previous months.Crude was supported by official data showing U.S. oil inventories fell by 7.5 million barrels last week, the …read more

Source:: Yahoo Finance

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